When choosing a Pet Insurance Product, there are many things to consider. The first thing pet owners look at is the Total Annual Benefit. This is the amount an Insurer will pay out, either including or excluding an excess, during a Policy Year.
Here are a few factors to also take into consideration when looking at this figure and comparing it between the different products out there:
Are there any sub-limits?
Some Insurers will offer you a large benefit for your pet for the year, and then limit you to a lesser amount per claim/condition. Eg. They will provide you with up to R70 000.00 for your pet’s vet bills for the year, but then limit you to only R6 000.00 for surgery per claim, or R2 000 for hospitalisation fees. How many surgeries would your pet need for you to benefit from that full R70 000.00?
Does it cover Accidents only, or Accidents and Illnesses?
Most Insurers have 2 separate products. One for Accidents only, and a second for both Accidents and Illnesses. The premium and the Annual Benefit for these two products will differ. Make sure you know what your pet is covered for.
Does my pet’s age effect the cover he/she needs?
Often Insurers will exclude Illness cover for the senior pets. You might think you are getting Accident and Illness cover for your pet, but due to their age, you only have cover for Accidents. Older pets are more prone to age related illnesses like arthritis, kidney and heart disease. They are more likely need to be treated by a Vet for illnesses then a younger pet, and their Vet bills will be greater.
What are the average Veterinary costs per pet in a year?
Based on Kido Pet Insurance’s stats from 2023, less than 1% of pets need more than R17 500.00 in total per year. Dogs have higher Vet bills than cats. The average claim amount was R2 531.00 (Accidents and Illnesses). If your pet was hospitalised, the average claim amount was R5 554.00.
Based on the above info, you need to look at the Annual Benefit figure being more than R17 500.00 when:
1. Your pet is a senior and the product covers them for Illnesses
2. If your pet has a high risk of needing knee or back surgery, or is a flat-faced breed needing upper respiratory surgery.
The above pets fall under the 1% that do need more than R17 500.00 a year, and the majority actually need more than this amount per claim. Always remember to ask about sub-limits, what the cover includes, does the annual benefit include/exclude the excess, and does it cover your senior pet for Illnesses too. Feel free to WhatsApp call Dr. Kristen Lachenicht on 071 119 7185 or email her at Hello@kidopet.co.za if you have any additional questions about this article or Pet Insurance in general.
Written by Dr. KF Lachenicht
Penrisk Centurion CC T/A Kido Pet Insurance
https://kidopet.co.za/